We are in the midst of an unprecedented health, economic and social crisis. Before COVID-19, we expected world GDP growth to be 2.9% in 2020, now we project it to fall by 4.5%. The decline would have been much larger without the strong and effective policy support introduced by many economies.
Thank you for joining us today for the launch of the OECD’s Capital Market Review of Italy 2020: Creating Growth Opportunities for Italian Companies and Savers. This is the first Review of this type that we produce for Italy and I would like to thank Minister Gualtieri for his support during its preparation.
Over the past two days, you have discussed the future of multilateralism and the role of governing bodies. This is both timely and relevant. Governing body secretariats are in the frontlines in the fight for more effective, transparent and reliable multilateralism.
We cannot say it enough: corruption remains one of the most complex challenges we face, eroding the very institutions that were created to protect citizens.
Enterprises operating in the sector have the potential to generate growth, employment and skills development, if and only if they ensure responsible operations and sourcing in their supply chains. Unfortunately, human rights and labour abuses as well as harm to the environment by enterprises remain prevalent throughout the supply chain in this sector.
It is my honour to welcome you to the OECD today, Minister Meleşcanu, and benefit from your wisdom and rich experience as a senator, statesman, diplomat and scholar.
Over the next two days, you will be focusing on a wide range of issues, from sustainable finance, efficient capital allocation, the quality of shareholder engagement, and long-term thinking in the investment chain. All these issues lie at the heart of the OECD’s efforts to create fairer, more sustainable and more inclusive economies.
The OECD projects global growth to increase to around 3.5% in 2017 and 3.7% in 2018, up from 3% in 2016. In the Euro area, GDP growth has outpaced expectations in the first half of 2017 and the unemployment rate fell to 9.1%, the lowest since 2009.
I am delighted to open the 5th edition of the Global Forum on Responsible Business Conduct, and to welcome so many leaders and experts from all over the world, from the public and private sectors, international organisations and civil society.
Welcome to the 5th edition of the OECD Global Anti-Corruption and Integrity Forum. Let me begin by thanking the Prime Minister of Slovakia, Mr. Robert Fico, and the Vice President of Nigeria, Professor Yemi Osinbajo, for joining us for this opening.